Virgin Money Intermediaries makes criteria changes

Michael Lloyd

December 4, 2019

Virgin Money Intermediaries has made changes to its lending criteria.

Loan to income multiples for customers who earn more than £100,000 per annum and those with properties over £500,000 have been increased by up to five times.

Customers no longer need to provide a P60 to support non-variable income as only the last two monthly payslips will be required to evidence income.

Sarah Green, head of Virgin Money Intermediaries, said: “We want to help more of our intermediary partners’ clients find their perfect home or a better mortgage deal and we hope the changes we’ve announced today demonstrate our commitment both to brokers and to their clients.”

Virgin Money Intermediaries has also made improvements to its property criteria.

Restrictions have been removed for properties over or adjacent to commercial premises and on flats outside of London with more than 10 storeys.

In addition, seven storeys are now allowed for ex-local authority flats.

For its new build cash incentive, the lender will now accept cash incentives of up to 1% of the property value with a maximum of £5,000 for loans above 85% LTV.

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